El Salvador’s President Nayib Bukele recently announced on Twitter that the country bought in the recent Bitcoin crash. El Salvador has added 420 Bitcoins worth about $25 million to its BTC portfolio.
It was a long wait, but worth it.
We just bought the bottom!
420 new #Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) October 27, 2021
El Salvador accelerated its BTC accumulation in September 2021. After becoming the first country to recognize Bitcoin as a national currency, El Salvador’s BTC holdings surpassed 400 coins in the first week of September 2021. According to Bukele, the country has made significant profits from BTC holdings. Bukele used the following statements in his Twitter post:
“It was a long wait but it was worth it. We just bought at the bottom. 420 new Bitcoins. […] We’ve just started making a profit from the Bitcoin we just bought. […] If 1 BTC = 1 BTC, how do we make a profit? We have a USD-denominated trust fund account, but the trust is funded by both USD and BTC. Once the BTC portion is revalued against the accounting currency (USD), we can withdraw some USD and leave the trust with the same amount.”
Bitcoin Drop
After hitting an all-time high of $66,000 on October 21, 2021, BTC has seen a correction of around 10% over the past 7 days. However, the crypto asset is still trading around $60,000 with a market cap of over $1.1 trillion. Analysts described the recent drop as a “healthy correction” for BTC after a significant bullish move.
The latest data from Santiment shows that Bitcoin whales believe in the long-term price increase of the digital asset despite the correction.
“Whales are an important trading group to always watch given their impact on prices. For Bitcoin addresses holding assets between 100 and 10,000 BTC, the amount currently accumulated continues to increase. Over the past two weeks, these whale addresses have added 0.19% of the BTC supply to their wallets, giving them confidence that prices will continue to rise. 49.49% of the Bitcoin supply they have is the largest amount achieved in 8 years.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.